Iceni Gold Completes Diamond Drilling Program at 14 Mile Well Project
ICL (ICL) Share Update July 2024 Monday 29th
Iceni Gold Completes Diamond Drilling Program at 14 Mile Well
Iceni Gold Limited (ASX: ICL) has successfully completed a diamond drilling program at its 14 Mile Well Gold Project, with promising geological indicators and assay results pending.
Instant Summary:
- Completion of a six-hole diamond drill program totaling 1071 meters.
- Five angled diamond holes at Christmas Gift prospect to test high-grade gold targets.
- A single deep hole at Everleigh Deeps intersected a thick volcano sedimentary sequence.
- A 200m deep angled diamond hole at Goose Well intersected quartz vein and stockworked syenitic host rock.
- Assay results for all holes are pending.
Exploration Update
Iceni Gold Limited has completed a six-hole diamond drilling program totaling 1071 meters at its 14 Mile Well Gold Project. The program aimed to evaluate high-grade gold targets at two priority prospects, Christmas Gift and Goose Well.
At the Christmas Gift prospect, five angled diamond holes totaling 871 meters were drilled to test the down dip extension of high-grade gold-bearing quartz veinlets exposed in a sample trench. These holes confirmed the strike and down dip extent of the structure, with results pending.
One dual-purpose hole, known as Everleigh Deeps, reached 592 meters downhole and intersected a previously unknown thick volcano sedimentary sequence from 486 meters to the end of the hole. This unexpected rock package is now considered to be more extensive along strike, representing a significant opportunity for further exploration.
Goose Well Prospect
At Goose Well, a 200-meter deep angled diamond hole intersected the down dip projection of a quartz vein and stockworked syenitic host rock from the Lacco shaft, which hosts high-grade gold mineralization at surface. The results from this hole are pending and will provide key information for a follow-up RC drill campaign scheduled for Q4 2024.
Future Plans
With the initial phase of diamond drilling completed and assay results pending, Iceni Gold will now focus on a staged aircore drilling program at the Guyer Well, Crossroads, and Deep Well prospects. The company is eager to maintain exploration momentum and advance its geological models based on the upcoming assay data.
The completion of the diamond drilling program and the discovery of a thick volcano sedimentary sequence are significant developments for Iceni Gold. These findings could positively impact the company's stock as investors anticipate promising assay results. The potential for new drill targets and a revised structural model for gold mineralization in the Everleigh area adds further value to the project.
Investor Reaction:
Analysts are likely to view the completion of the drilling program and the discovery of new geological features positively. The pending assay results will be crucial in determining the full impact on investor sentiment. The company's strategic focus on maintaining exploration momentum is expected to be well-received.
Conclusion:
Investors should keep an eye on the upcoming assay results and the company's future drilling plans. Iceni Gold's recent discoveries and ongoing exploration efforts at the 14 Mile Well Project could present significant opportunities for growth. Stay informed and consider the potential long-term benefits of this promising gold exploration company.